Jersey’s economy remains in a “strong position”, the Chief Minister has said following the latest review of the island’s financial state.
Deputy Lyndon Farnham said ministers will “focus on continuing our disciplined approach to public finances and strengthening our economy” following the review carried out by financial services company Standard and Poor’s
Jersey’s credit rating remains at AA-, one of the highest possible ratings from S&P, which reviews economies on a scale of AAA to D.
Deputy Farnham said: “Our planned capital programme will invest over £1 billion in improving our infrastructure and the public realm by 2029.
“The proposed Jersey Capital Investment Fund will support this and further investment through a clear, 25-year plan that provides certainty and continuity in renewing the Island’s public assets.
“Looking ahead, financial and professional services remain at the centre of our strong economy, and the proactive work we are doing through the Competitiveness Programme will support this long into the future.”
Treasury Minister Elaine Millar welcomed the news that the island’s credit rating has stayed unchanged.
“S&P have recognised the good position that our previous financial decisions have put us in, with robust reserves and comparatively low borrowing. We manage our finances responsibly and transparently, reinforcing Jersey’s positive financial position. The rating also takes into account planned borrowing to deliver much-needed New Healthcare Facilities”, she said.
“Our focus is to continue with prioritising sustainable long-term public finances. The island’s finances remain strong, but it is important that we don’t take this position for granted. We know we face the same demographic pressures as other developed economies and need to shift to a longer-term approach for financial decision making. This will ensure sustainability, resilience and fairness for future generations.
“We have started to curb the growth in day-to-day expenditure and remain absolutely committed to reducing spend, which will mean revenues can be directed towards investing in our island’s infrastructure, and strengthen the reserves that underpin our financial stability.”